I have a business that has suffered loss now for two years and now going into third year. I am closing it down in 2017.
Can I still claim the loss this third year?
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Yes, you can claim a Business Loss for the third year (it is not a Capital Loss).
However, you do need to be sure it is considered "business" rather than a "hobby". A business means you are definitely putting forth effort to earn a profit. See link for details.
https://www.irs.gov/uac/business-or-hobby-answer-has-implications-for-deductions
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